TUC Lauds CBN Over Cashless Policy


The Trade Union Congress of Nigeria (TUC), Rivers State chapter, has lauded the Central Bank of Nigeria (CBN) for deferring the implementation of the cashless policy in some states of the federation.

In an exclusive interview with The Tide, in Port Harcourt, the State Chairman of the union, Comrade Chika Onuegbu, said the step taken by the Central Bank of Nigeria in some states was a step in the right direction in view of Nigerians actually appreciating the importance of the policy.

He said the postponement of the full implementation was to give Nigerians sufficient time to fully comprehend the economic value of the cashless policy within the context of Nigeria’s monetary transaction.

The labour leader said the Central Bank of Nigeria’s directive to shift the implementation of the cashless policy to 1st October 2013, was to allow customers adjust to the new policy.

He said the union supports the CBN Governor, Sanusi Lamido Sanusi, for his visionary leadership over the monetary policy of the country.

Comrade Onuegba said the CBN took the appropriate step to defer the charges on lodgements and withdrawals in Federal Capital Territory (FCT) Abuja, Abia, Anambra, Kano, Ogun and Rivers States, so as to allow banks’ customers in these states key into the monetary policy.

He said these states are economically viable states with strong presence of manufacturing companies and beehive of economic activities.

The union leader said the charges on lodgment and withdrawals by banks would now take effect from October this year.

However, The Tide  investigation revealed that the cashless policy has kicked off in the named states including the Federal Capital Territory (FCT) Abuja.

The Tide learnt that it was only the charges for withdrawal  on deposit above the stipulated limit that was deferred by the Central Bank of Nigeria.